American Superconductor Corp (AMSC) 2025 Q2 法說會逐字稿

Good morning and welcome to the AMSC second quarter fiscal 2025 financial results call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the key followed by zero. After today's remarks, there will be an opportunity to ask questions. To ask a question, you may press, then 1 on your touchtone phone. To withdraw your question, please press, then 2. Please note that this event is being recorded. I'd now like to turn the conference over to Nicole Golez, director of communications. Please go ahead.

早上好，歡迎參加AMSC 2025財年第二季財務業績電話會議。所有參與者將處於唯讀模式。如果您需要協助，請按該鍵，然後按數字零，向會議專家發出信號。今天的演講結束後，將安排提問環節。若要提問，您可以按按鍵式電話上的 1 鍵。若要撤回您的問題，請按，然後按 2。請注意，本次活動正在錄影。現在我將把會議交給傳播總監妮可·戈萊茲。請繼續。

Thank you, Jason. Good morning, everyone, and welcome to American Superconductor Corporation's second quarter of fiscal year 2025 conference call.

謝謝你，傑森。各位早安，歡迎參加美國超導公司2025財年第二季電話會議。

I am Nicole Golez, AMSC's director of communications. Joining me today are Daniel McGahn, Chairman, President and Chief Executive Officer, and John Kassiva, senior Vice President, Chief Financial Officer, and treasurer.

我是 AMSC 的通訊主管 Nicole Golez。今天與我一同出席的有董事長、總裁兼執行長丹尼爾·麥克加恩，以及高級副總裁、財務長兼財務主管約翰·卡西瓦。

Yesterday after the market closed, American Superconductor issued its earnings release for the second quarter of fiscal year 2025. A copy of this release is available on the investors page of the company's website at www.amsc.com.

昨天股市收盤後，美國超導公司發布了2025財年第二季的獲利報告。這份新聞稿的副本可在公司網站 www.amsc.com 的投資者頁面上找到。

During today's call, remarks that management may make about American Superconductor's future expectations, including expectations regarding the company's future financial results, plans, and prospects, constitute forward-looking statements. Actual results may differ materially from those indicated by such forward-looking statements as a result of various factors, including those set forth in the risk factor section of American superconductors form 10k for the year ended March 31, 2025.

在今天的電話會議中，管理層可能就美國超導公司的未來預期發表的言論，包括對公司未來財務業績、計劃和前景的預期，均構成前瞻性陳述。由於各種因素，包括美國超導公司截至 2025 年 3 月 31 日止年度的 10-K 表格風險因素部分中列出的因素，實際結果可能與此類前瞻性聲明所指出的結果有重大差異。

Which the company filed with the Securities and Exchange Commission on May 21, 2025, as well as their other filings, all of which are available on our website.

該公司於 2025 年 5 月 21 日向美國證券交易委員會提交了相關文件，以及其他文件，所有這些文件都可以在我們的網站上找到。

The company disclaims any obligation to update these forward-looking statements.

該公司不承擔更新這些前瞻性聲明的義務。

On today's call, management will refer to non-GAAP net income. On non-GAAP financial measure, tables of reconciliation of GAAP to adjusted financial measures can be found in the company's earnings release.

在今天的電話會議上，管理階層將提及非GAAP淨利。關於非GAAP財務指標，可以在公司的獲利報告中找到GAAP與調整後財務指標的調節表。

With that, I will now turn the call over to Chairman, President, and Chief Executive Officer Daniel McGahn. Daniel.

接下來，我將把電話交給董事長、總裁兼執行長丹尼爾‧麥克加恩。丹尼爾。

Thanks, Nicole, and good morning, everyone.

謝謝妮可，大家早安。

I will begin today by providing an update and sharing a few remarks on our business. John Kaiba will then provide a detailed review of our financial results for the second fiscal quarter, which ended September 30, 2025, and provide guidance for the third fiscal quarter, which will end December 31, 2025. Following our comments, we'll open up the line to questions from our analysts.

今天我將先報告我們公司的最新情況，並分享一些看法。隨後，約翰海馬將詳細回顧截至 2025 年 9 月 30 日的第二財季財務業績，並對截至 2025 年 12 月 31 日的第三財季提供指導。在我們發表評論之後，我們將開通熱線，回答分析師們的提問。

We executed another quarter of strong results with revenue of nearly $66 million.

我們又取得了一季強勁的業績，營收接近 6,600 萬美元。

This is our 3rd consecutive quarter performing at this higher revenue level.

這是我們連續第三個季度實現更高的營收水準。

Second quarter revenue grew more than 20% year over year, reflecting strong execution across our grid and wind businesses.

第二季營收年增超過 20%，反映出我們在電網和風能業務方面的強勁表現。

Our grid business delivered strong growth of over 15% compared to last year's quarter.

我們的電網業務實現了強勁成長，與去年同期相比成長超過 15%。

Our wind business also posted impressive growth of over 50% from the year ago period.

我們的風電業務也實現了令人矚目的成長，比去年同期成長超過 50%。

We delivered our 5th consecutive quarter of profitability and our 9th consecutive quarter of non-GAAP profitability.

我們實現了連續第五個季度獲利，也是連續第九個季度實現非GAAP獲利。

Gross margins, TOP30% again.

毛利率再次躋身前30%。

And we closed the quarter with a strong balance sheet of over $215 million in cash. Overall, we posted a quarter of very strong results.

本季末，我們擁有超過 2.15 億美元的強勁現金儲備，資產負債表穩健。總體而言，我們本季取得了非常強勁的業績。

The business is growing.

公司業務正在成長。

Revenue came from a broad mix of sectors.

收入來自多個行業。

About 125% of our sales came from traditional energy projects, with another 25% from renewable energy projects.

我們約 125% 的銷售額來自傳統能源項目，另有 25% 來自再生能源項目。

Materials projects, which include semiconductor, accounted for over 15%, while military and other industrial sectors made up the remaining portion.

材料項目（包括半導體）佔比超過 15%，而軍事和其他工業領域則佔剩餘部分。

This diverse mix of revenue.

這種多元化的收入來源。

Reflects the growing demand across our end markets and the reach of our technology. We are being designed into more and more projects where our proprietary technology has become the go to solution, which is a great validation of the value we bring.

這反映了我們終端市場日益增長的需求以及我們技術的廣泛應用。我們的專有技術正被越來越多地應用於各種專案中，成為首選解決方案，這充分證明了我們所創造的價值。

Our technology has gained a strong foothold across multiple sectors.

我們的技術已在多個領域站穩腳跟。

I'll now turn the call over to John Kasiba to review our financial results for the second quarter of fiscal 2025 and provide guidance for the third quarter of fiscal 2025, which will end December 31, 2025. John.

現在我將把電話交給約翰·卡西巴，讓他回顧我們 2025 財年第二季度的財務業績，並對 2025 財年第三季度（截至 2025 年 12 月 31 日）的業績進行展望。約翰。

Thanks, Daniel. Good morning everyone.

謝謝你，丹尼爾。大家早安。

Amnesty generated revenues of $65.9 million for the second quarter of fiscal 2025 compared to $54.5 million in the year ago quarter.

大赦國際在 2025 財年第二季創造了 6,590 萬美元的收入，而去年同期為 5,450 萬美元。

Our grid business unit accounted for 83% of total revenues, while our wind business unit accounted for 17%.

我們的電網業務部門佔總收入的 83%，而我們的風能業務部門佔總收入的 17%。

Grid business unit revenues increased by 16% in the second quarter versus the year ago quarter. The increase in revenue was primarily driven by the organic growth within our new energy product lines.

與去年同期相比，電網業務部門第二季的營收成長了 16%。營收成長主要得益於我們新能源產品線的內生成長。

Wind business unit revenues increased by 53% over the same time period. The increase in revenue was primarily driven by additional shipments of electrical control systems.

同期，風能業務部門的營收成長了53%。收入成長主要得益於電氣控制系統出貨量的增加。

Looking at the P&L in more detail, gross margin for the second quarter of fiscal 2025 was 31% compared to 29% in the year ago quarter.

從損益表的更詳細角度來看，2025 財年第二季的毛利率為 31%，而去年同期為 29%。

This increase in gross margin was primarily due to do do due to a favorable product mix, particularly within our grid business unit.

毛利率的成長主要歸功於有利的產品組合，尤其是在我們的電網業務部門。

This is now 2 consecutive quarters with gross margins exceeding 30%.

這已經是連續第二季毛利率超過30%了。

Now moving on to operating expenses, R&D and SG&A expenses for the second quarter of fiscal 2025 were $17.1 million compared to $13.2 million in the year ago quarter.

接下來來看營運費用，2025 財年第二季的研發和銷售、一般及行政費用為 1,710 萬美元，而去年同期為 1,320 萬美元。

This increase is primarily driven by the incremental NWL operating expenses and higher stock compensation expense.

這一增長主要是由於 NWL 營運費用增加和股票補償費用上漲所致。

Approximately 21% of R&D and SG&A expenses in the second quarter of fiscal 2025 were non-cash.

2025 財年第二季研發銷售、一般及行政費用中約有 21% 為非現金支出。

We generated non-GAAP net income for the second quarter of fiscal 2025 of $8.9 million or $0.20 per share.

我們2025財年第二季的非GAAP淨收入為890萬美元，即每股0.20美元。

Compared with a non-GAAP net income of $10 million or $0.27 per share in the year ago quarter.

相較之下，去年同期非GAAP淨收入為1,000萬美元，即每股0.27美元。

Our net income on the second quarter of fiscal 2025 was $4.8 million or $0.11 per share.

我們在 2025 財年第二季的淨收入為 480 萬美元，即每股 0.11 美元。

This compares to net income of$ 4.9 million or $0.13 per share in the year ago quarter.

相比之下，去年同期淨收入為 490 萬美元，即每股 0.13 美元。

Included in both net income and non-GAAP net income in the year ago quarter was the release of a $5.1 million dollar valuation allowance due to the recording of the deferred tax liability from the acquisition of NWL. This was a non-cash benefit in last year's results.

去年同期，淨利潤和非GAAP淨利潤中均包含因收購NWL而確認遞延所得稅負債而釋放的510萬美元估值準備金。這是去年業績中的一項非現金收益。

Please see our press release issued last night for a reconciliation of GAAP to non-GAAP results.

請參閱我們昨晚發布的新聞稿，以了解 GAAP 與非 GAAP 結果的調整。

We ended the second quarter of fiscal 2025 with $218.8 million in cash equivalents, and restricted cash.

截至 2025 財年第二季末，我們持有 2.188 億美元的現金等價物和受限現金。

We generated operating cash flow in the second quarter of fiscal 2025 of $6.5 million.

我們在 2025 財年第二季產生了 650 萬美元的營運現金流。

Now turning to our financial guidance for the 3rd quarter of fiscal 2025, we expect that our revenues will be in the range of $65 to $70 million.

現在來看我們對 2025 財年第三季的財務預期，我們預計營收將在 6,500 萬至 7,000 萬美元之間。

Our net income on that revenue is expected to exceed $2 million or $0.05 per share, and our non-GAAP net income is expected to exceed $6 million or $0.14 per share.

預計該收入的淨利潤將超過 200 萬美元，即每股 0.05 美元；預計非 GAAP 淨利潤將超過 600 萬美元，即每股 0.14 美元。

With that, I'll turn the call back over to Daniel.

這樣，我就把電話轉回給丹尼爾了。

Thanks John.

謝謝你，約翰。

We have sustained an average quarterly revenue above $65 million for the past three quarters.

過去三個季度，我們的平均季度收入一直保持在 6,500 萬美元以上。

And you can see we're bullish with our expectation that this trend could continue next quarter.

可以看出，我們非常看好這一趨勢，並預期它可能會持續到下個季度。

As is common in our business, timing plays a key role in quarterly results. Some quarters benefit from accelerated timing of projects or earlier deliveries.

在我們的行業中，時機往往對季度業績起著關鍵作用，這一點很常見。某些方面會因專案進度加快或交付提前而受益。

Others see projects shift into the next quarter or next period.

其他人則認為專案會轉移到下一個季度或下一個時期。

Typically our 12 month backlog represents about 9 months of business.

通常情況下，我們12個月的積壓訂單相當於大約9個月的業務量。

The team is always selling projects out 6,9, or 12 months, and in some cases, beyond 12 months.

團隊總是提前 6 個月、9 個月或 12 個月售出項目，在某些情況下，甚至超過 12 個月。

Our lead times have been reduced for the overall business, and we see this as a competitive advantage.

我們整體業務的交付週期已經縮短，我們認為這是一個競爭優勢。

We are growing. We are executing with discipline and focus, and we have tremendous tailwinds at our back.

我們正在發展壯大。我們以嚴謹的紀律和專注的態度執行任務，我們也擁有巨大的順風。

Our results reflect our progress in scaling the business, diversifying revenue, and driving outstanding financial performance.

我們的業績反映了我們在擴大業務規模、實現收入多元化和推動卓越財務業績方面取得的進展。

For our second quarter we saw strong order demand across energy and military markets.

第二季度，能源和軍事市場訂單需求強勁。

Most of our orders came from traditional energy and renewables, making up nearly 65% of total orders.

我們的訂單大多來自傳統能源和再生能源，佔總訂單量的近 65%。

Military followed at roughly 15%.

軍人約佔15%。

With the rest driven by materials such as metals, mining, and as well as other markets.

其餘部分則由金屬、採礦等原料以及其他市場驅動。

This demand is supported by powerful tailwinds across multiple sectors with significant investments projected for 2025.

多個行業強勁的順風支撐著這項需求，預計 2025 年將有大量投資。

In energy, traditional energy like oil and gas are expected to see over $1 trillion in capital spending.

在能源領域，石油和天然氣等傳統能源預計將獲得超過 1 兆美元的資本支出。

While renewables are attracting more than $750 billion.

而再生能源正在吸引超過 7500 億美元的投資。

International growth, particularly in renewables, adds another layer of long-term opportunity.

國際成長，特別是再生能源領域的成長，為長期發展帶來了更多機會。

In materials, the global mining project pipeline exceeds $1 trillion.

在材料領域，全球礦業專案儲備總額超過1兆美元。

Investments in semiconductors and global data centers together are expected to top $650 billion and in military defense spending is projected to reach nearly $3 trillion.

預計半導體和全球資料中心的投資總額將超過 6,500 億美元，而國防開支預計將達到近 3 兆美元。

These sectors represent massive long-term capital investments.

這些產業代表著龐大的長期資本投資。

We believe we are well positioned to benefit with our broad product portfolio across power electronics, grid infrastructure, and military systems. We see steady growth in demand.

我們相信，憑藉我們在電力電子、電網基礎設施和軍事系統等領域的廣泛產品組合，我們能夠從中受益。我們看到需求穩定成長。

Over the past 4 quarters we've averaged over $60 million in new orders per quarter.

過去四個季度，我們平均每季的新訂單金額超過 6,000 萬美元。

That is an improvement from the prior four quarters which averaged over $45 million per quarter when we exclude the exceptional order we received from the Royal Canadian Navy.

這比前四個季度的平均每季收入超過 4500 萬美元有所改善，前提是不包括我們從加拿大皇家海軍獲得的特殊訂單。

We've closed the quarter with a strong pipeline of opportunities and a 12 month backlog of well over $200 million.

本季末，我們擁有強勁的業務機會儲備，12 個月的訂單積壓金額超過 2 億美元。

We did win a new contract with the US Navy to begin design for a whole new class of product.

我們確實贏得了美國海軍的新合同，開始設計一類全新的產品。

That we will hopefully talk about in the future.

希望以後有機會能討論這個問題。

As we look ahead, we did mention last quarter about a coming acceleration in our military business. We see this coming.

展望未來，我們上個季度確實提到過，我們的軍工業務即將加速發展。我們早就預料到這種情況會發生。

We expect revenue to be driven by strong activity in materials, particularly semiconductors, along with increasing investments in data center infrastructure.

我們預計，材料產業（尤其是半導體產業）的強勁成長以及資料中心基礎設施投資的增加將推動營收成長。

We may even see another acceleration in the coming quarters in this part of our business.

我們甚至可能在未來幾季看到該業務部分再次加速成長。

We are benefiting from power intensive materials manufacturing. These are the feedstocks of the future.

我們正受惠於高耗能材料製造業。這些都是未來的原料。

Our semiconductor offering performs exceptionally well, helping protect fabs from power variability and supporting the rapid buildout we're seeing in that market.

我們的半導體產品表現非常出色，有助於保護晶圓廠免受電力波動的影響，並支持我們在該市場看到的快速建設。

We are just beginning in data centers. We have served grid projects to help support a more resilient grid and now hope to begin to deliver directly to data center construction projects.

我們在資料中心領域才剛起步。我們曾為電網專案提供服務，以幫助建立更具韌性的電網，現在希望開始直接為資料中心建設專案提供服務。

In addition, we've broadened our reach beyond renewables to include traditional energy projects. That diversification is making our business stronger and more resilient across multiple sectors.

此外，我們已將業務範圍從再生能源擴展到傳統能源項目。這種多元化經營使我們的業務在多個領域都變得更強大、更具韌性。

We are prepared to capitalize on the growing demand for energy and the need for a stable grid to support it.

我們已做好準備，充分利用日益增長的能源需求以及支撐這種需求的穩定電網。

We are excited about the future.

我們對未來充滿期待。

And we believe we're exceptionally well positioned to capitalize on the opportunities ahead.

我們相信，我們已做好充分準備，把握未來的機會。

After an acceleration in the 1st quarter, the business performed nicely in the second quarter. We are guiding to another strong quarter ahead.

第一季業務加速成長後，第二季業務表現良好。我們預計下一季將保持強勁成長動能。

Our 3rd quarter is off to a great start, supported by healthy new orders.

在強勁的新訂單支援下，我們第三季開局良好。

The business is seeing tailwinds across the energy and materials markets.

該業務正受益於能源和材料市場的利多因素。

Expansion in materials capacity and build out of data centers could further accelerate this part of our business.

擴大材料產能和建造資料中心可以進一步加速我們這部分業務的發展。

Given our backlog and balance sheet, the business is very well positioned for what might lie ahead.

鑑於我們目前的訂單儲備和資產負債表狀況，公司已做好充分準備迎接未來的挑戰。

Our future facing technologies help harmonize the world's desire for decarbonisation and clean energy with the need for more reliable, effective and efficient power delivery.

我們面向未來的技術有助於協調世界對脫碳和清潔能源的渴望與對更可靠、高效和有效的電力傳輸的需求。

I look forward to reporting to you again following the completion of our 3rd fiscal quarter of 2025, Jason.

傑森，我期待在 2025 年第三財季結束後再次向您報告工作。

We will now take questions from our analysts.

現在我們將回答分析師們的提問。

(Operator instruction)

（操作說明）

Eric Stein from Craig Hallam.

來自克雷格·哈勒姆的埃里克·斯坦。

Hi Daniel. Hi John.

你好，丹尼爾。嗨，約翰。

Hey Eric, good morning.

嘿，艾瑞克，早安。

Good morning. So wondering if we could start, so obviously you talked about, you've been above $60, $65 million here for a couple quarters, and the typical cadence of your business has been you're at a level.

早安.所以我想知道我們是否可以開始，顯然你剛才提到，你們的營收已經連續幾個季度超過 6000 萬、6500 萬美元，你們業務的典型節奏是你們的營收達到某個水平。

Those orders pick up, you see that, then your revenues obviously pick up and so I'm just curious, thoughts given your macro tailwinds, how you're positioned expanded offering what you're seeing on the order front, and what that implies about kind of that next step up for the company.

訂單量增加，你也看到了，收入自然也會增加。所以我很好奇，考慮到宏觀經濟的利多因素，你如何定位並擴大產品供應，以及你在訂單方面看到的情況，這對公司下一步的發展意味著什麼。

Yeah, I think the next step that's going to be determined on how all this cadence comes together at a single point in time, but we do see an acceleration coming in military, not only from new orders that I mentioned, but also based upon, the more complete offering that we now have, not only protecting ships but powering ships. And powering the construction of ships. So there's a bunch of opportunities there, for us. I did mention that we do see a potential acceleration kind of similar like we did in Q1 with semiconductor build out. We have a pretty robust, pipeline and backlog of orders there. And in data centers, we hope to announce at some point in the relatively near future that we've delivered on our first project to the construction of a data center. We think that opens up a whole another opportunity for us, but it's very, early days there. So I think it's always hard for me to tell you, definitively, what it's going to look like to get to 75 or to 80 and beyond, but I think when you look at the macro environment that we're in.

是的，我認為下一步將取決於所有這些節奏如何在某個時間點匯聚在一起，但我們確實看到軍事領域正在加速發展，這不僅來自我提到的新訂單，也基於我們現在擁有的更完整的產品，不僅保護艦船，還為船隻提供動力。並為船舶建造提供動力。所以，這對我們來說有很多機會。我確實提到過，我們看到了一種潛在的加速成長，類似於我們在第一季的半導體產能建設所看到的加速成長。我們在那裡有相當充足的訂單儲備和訂單流程。在資料中心方面，我們希望在不久的將來宣布，我們已經完成了第一個資料中心建設專案。我們認為這為我們開啟了全新的機遇，但現在還處於非常早期的階段。所以我覺得我總是很難確切地告訴你，達到 75 歲或 80 歲甚至更高年齡會是什麼樣子，但我認為當你審視我們所處的宏觀環境時。

Everything is at our back right now. We see that with the pipeline we see that with the cadence of the orders, we see that the operation is being able to deliver timely to customers. I mentioned that our lead times are shrinking. That's a good sign. I think in our business it gives us a competitive advantage we think. So as we start today, we think that the opportunities for us are bigger and brighter than they were even a quarter ago.

現在一切都對我們有利。我們從流程中可以看到，從訂單節奏中可以看到，營運部門能夠及時向客戶交付產品。我提到過我們的交貨週期正在縮短。這是個好兆頭。我認為，在我們的業務中，這能為我們帶來競爭優勢。因此，從今天開始，我們認為我們所面臨的機會比三個月前更大、更光明。

Got it. Maybe just digging in on the data center, piece. I mean, obviously top of mind in the market. I know it's early days, but I mean, is that something that you envision eventually becomes where you're specacked in like you have, been with some of the semiconductor fabs, with that data center provider.

知道了。或許只是深入研究資料中心，僅此而已。我的意思是，這顯然是市場上最受關注的因素。我知道現在還為時過早，但我的意思是，你設想的最終結果是否會像你之前與一些半導體製造廠和資料中心供應商合作那樣，讓你成為其中的一份子？

Yeah, I think that's where we're hoping to go. I don't know how long it will take, but when you think about design wins, we're expecting a variety of systems for the military. We're expecting a number of chip makers for fabs. We don't talk a lot, but we're expecting a lot of utilities.

是的，我想那正是我們希望達到的目標。我不知道需要多長時間，但就設計方案而言，我們預計會獲得各種軍用系統。我們預計會有許多晶片製造商前來建廠。我們話不多，但我們期待很多公用事業公司。

Where our products are things that they can basically purchase on order as opposed to doing a whole design work and selling them on the efficacy of the technology that's been a huge transformation of the pipeline for utilities. Some of that's driven by data center, really the data center impact on the grid, but now we're seeing that EPCs that we worked with for many years are getting more and more involved with data centers, and they're attempting to pull us along with them. So our hope is. Is that customers that are very familiar with us as they get more involved with the construction of data centers are going to turn to us like they have in other industries as as a a known and trusted supplier so we think there there's a very nice opportunity there how long it takes to pay off I don't know I think what we're we're optimistic is that there are so many positive signs in our business that the business should continue to improve.

我們的產品是他們可以按需購買的，而不是像其他公司那樣進行全面的設計工作，然後向他們推銷這項技術，這項技術已經極大地改變了公用事業管道的運作方式。部分原因是資料中心對電網的影響，但現在我們看到，我們多年來一直合作的EPC公司越來越多地參與到資料中心中，他們正試圖把我們拉入其中。所以我們希望如此。那些非常熟悉我們的客戶，隨著他們更多地參與資料中心的建設，將會像在其他行業一樣，把我們當作一個知名且值得信賴的供應商。因此，我們認為這是一個非常好的機會。至於需要多久才能看到回報，我不知道。我們樂觀的原因在於，我們業務中有很多積極的跡象，業務應該會繼續改善。

I understand always always the question is the cadence and you have it right we've gotten to a level, this is a great level for us to be at. I think we finally demonstrated the level of profitability we can get at this level, and now we're looking to kind of continue to push with our key customers to expand our order book and I see that coming in the coming quarters.

我明白，關鍵始終在於節奏，你說得對，我們已經達到了一個水平，這對我們來說是一個很好的水平。我認為我們終於證明了我們在這個規模下能夠獲得的盈利水平，現在我們正尋求繼續與我們的主要客戶一起努力，擴大我們的訂單量，我預計這將在接下來的幾個季度中實現。

Okay thanks.

好的，謝謝。

Colin Rush from Oppenheimer.

來自奧本海默公司的科林·拉什。

Thanks so much guys. Given, some of your advantages around having compact, form factors, your ability to deal with high voltage and some noisy power along with, some of the expertise that you guys have around DC to DC architectures and where the data centers are going in terms of how they're being built out, can you just talk a little bit about how you see your competitive advantage, in that data center opportunity. Given where the technology is headed and some of the legacy IP that you guys, bring to the table.

非常感謝各位。有鑑於貴公司在緊湊的外形尺寸、處理高電壓和噪音電源的能力，以及貴公司在直流到直流架構和資料中心建設發展方向方面的專業知識，能否請您談談貴公司如何看待自身在資料中心領域的競爭優勢？考慮到這項技術的發展方向，以及你們帶來的一些傳統智慧財產權。

Have you been on some of our sales calls recently, Collin?

柯林，你最近有參加過我們的銷售拜訪嗎？

I mean, listen, we see the alignment but.

我的意思是，聽著，我們看到了這種一致性，但是。

Yeah yeah but I mean you're you're you're talking about kind of how we how we go about marketing what we have I think.

是啊是啊，但我的意思是，你剛才說的是我們如何推銷我們擁有的東西，我想。

The idea of noisy less resilient grids are a key in the data center market. I think first and foremost what we've really discovered is a lot of it's about time and speed, so being able to build things quickly, being able to to focus on lead time, being able to focus on our supply chain, if that part of the business starts to ramp, that, that's been, I'll say something that the team has had some focus on.

噪音大、彈性差的電網是資料中心市場的關鍵概念。我認為我們首先真正發現的是，很多事情都與時間和速度有關，所以能夠快速建立產品，能夠專注於交付週期，能夠專注於我們的供應鏈，如果這部分業務開始成長，那麼，可以說，這是團隊一直關注的重點。

I hope that we can talk about more specifically what what we're doing. I think as we kind of figure out where our fit is, I think that there is.

我希望我們能更具體地談談我們正在做的事情。我認為，當我們逐漸找到自己的定位時，就會發現確實存在這種可能性。

An opportunity for an offering across our businesses, so not so not thinking.

這是我們各項業務進行推廣的機會，所以不要掉以輕心。

The individual elements but a combined offering and I think you know order sizes could could be you know quite large in the data center area but you you have it right it's about the noisiness of the system and it's about quieting it quickly, and being able to deliver stuff to site that fits in well you mentioned the compact nature of it.

各個組成部分，但組合起來，我認為你知道，資料中心領域的訂單規模可能會相當大，但你說得對，關鍵在於系統的噪音，以及如何快速降低噪音，並能夠將適合現場的東西交付出去，你提到了它的緊湊性。

So the speed and size is kind of really paramount we think in this application and that's really the strength of our technology.

因此，我們認為速度和尺寸在這個應用中至關重要，而這正是我們技術的優勢所在。

That's super helpful and then, because of broadly speaking, the customer base is diversified, your end market exposure is diversified. But the military history here is pretty meaningful, for the company in terms of what your opportunity set is. Can you talk a little bit about, you've got the ship protection system business, but there's also the port opportunity. How much progress are you making around the non-ship military exposure, in terms of resilience for some of the infrastructure that, the Department of Defense is looking for, and it's, kind of asset base, over the course of the next call it 4 to 5 years.

這非常有幫助，而且從廣義上講，由於客戶群多元化，你的終端市場也隨之多元化。但就公司而言，這裡的軍事歷史意義重大，因為它關係到公司的發展機會。您能稍微談談貴公司在船舶防護系統方面的業務嗎？另外，還有港口方面的商機。在非艦艇軍事風險方面，你們取得了多大的進展？就國防部正在尋求的某些基礎設施（某種資產基礎）的韌性而言，在未來 4 到 5 年內，你們的進展如何？

Yeah, there's, there, there's kind of three flavors to what we're offering. There's the protection, which is the superconductor enabled technology.

是的，我們提供的產品大致上有三種口味。保護措施是超導技術。

There's towering critical ship systems, which we have a number of design wins there.

這裡有極為重要的船艦系統，我們在這方面贏得了不少設計項目。

Many of the ships that we're on with power supplies are the same size or bigger than what we're doing in in protection. So, that's a very important part of the business. And the third part, as you mentioned, for ports or for construction. That's an area that we see acceleration potentially coming. We're designed in for, say a number of ship makers. We've been able to take the relationships we have and helping to build the ship with capability to now powering the capacity to build those ships. So that's an area that there's investment that is, forthcoming.

我們現在使用的許多配備電源的船隻，其尺寸都和我們用於防護的船隻一樣大，甚至更大。所以，這是業務中非常重要的一環。第三部分，如您所提到的，用於港口或建築。我們認為這個領域可能會加速發展。我們專為多家造船商設計。我們利用現有的關係，幫助建造具備相應能力的船舶，現在又為建造這些船舶提供了動力。所以，這是一個即將迎來投資的領域。

There are pieces of our backlog that represent that, but we think that there's some order pipeline that can help that grow, and that's why last quarter, this quarter, I see the signals of an acceleration on the military side, coming. I think again to. Go back to the previous question for us it's always hard to kind of predict when the timing comes. We know when need dates are, we know what our bill cycle is going to be and we TRY to, map those two together for the customer and deliver what they need when when they need it.

我們積壓的訂單中確實有一些反映了這一點，但我們認為有一些訂單管道可以幫助實現成長，這就是為什麼上個季度和本季度，我看到了軍方方面面加速成長的跡象。我再次思考了一下。回到之前的問題，對我們來說，預測時機何時到來總是很困難的。我們知道客戶的需求日期，也知道我們的帳單週期，我們會努力將這兩者結合起來，為客戶在他們需要的時候提供他們所需的產品。

Thanks.

謝謝。

So much, Dan.

丹，太多了。

Thanks.

謝謝。

Justin Clare from Roth Capital Partners.

來自 Roth Capital Partners 的 Justin Clare。

Hi, good morning, thanks for the time.

您好，早安，謝謝您抽出時間。

Sure, good morning, so I guess I also wanted to just follow-up on the data center opportunity, and just wanted to see, are you currently engaged with utilities on that opportunity or data center, developers and then wondering. If that is something you see is more at the substation level or do you see the ability to kind of offer a solution within the data center any added detail you could you could share on you know the the specifics of the solution that that might be a good fit for that in market.

好的，早安。我想再跟進一下資料中心的機會，想了解一下，您目前是否正在與公用事業公司或資料中心開發人員就此機會進行洽談。如果您認為這更適合變電站層面，或者您認為有能力在資料中心內提供解決方案，您能否分享一些關於解決方案的具體細節，以便說明該解決方案是否適合市場？

Yeah, I think the good news today and maybe I can say it more clear than the last quarter is that the answer to your question is all the above, we started with the relationships with utilities to be able to fortify the grid, so challenges that are happening on the grid side because of the rapid build out and demand for power from data centers, we're now seeing bids where there's direct. Offering to the construction of a data center that will be directly with the developer, and in many cases it's an, engineering procurement construction company that knows us well that we know well, so that puts us in a good position where we're not trying to sell the efficacy of technology, it's more about lead time and you know how can we get product into the field, faster.

是的，我認為今天的好消息，也許我可以比上個季度說得更清楚一些，那就是你問題的答案是以上所有，我們首先與公用事業公司建立關係，以加強電網，因此，由於數據中心的快速建設和電力需求，電網方面出現了一些挑戰，我們現在看到一些直接的競標。我們直接與開發商合作建造資料中心，在許多情況下，合作方是一家工程採購施工公司，他們彼此都很了解，所以我們處於有利地位，我們不需要推銷技術的功效，而是更多地關注交付週期，以及如何更快地將產品投入使用。

The feature set it's really, and that's what we're talking about with the previous question, it's really managing.

功能集才是關鍵所在，這也是我們上一個問題所討論的，它其實是管理功能集。

The noisiness that can come from the grid or or can cause disruptions for the data center, it's very similar to, not quite identical but similar to what we do for a semiconductor fab where you're trying to deal with the speed of transient changes in the power flow.

電網噪音或可能對資料中心造成乾擾的噪聲，與我們在半導體製造廠中處理電力流瞬態變化的速度非常相似，雖然不完全相同，但很相似。

Those are even more paramount and more critical for data centers even than the semi fab. So.

對於資料中心而言，這些甚至比半導體製造廠更為重要和關鍵。所以。

As they're trying to build out those out more rapidly, they're trying to find simple solutions for their problems that they can get to quickly, so that's why we, we're excited about it. I hope to talk about that market more in the future. I think it is early for us, but I'm hoping that we talk about some wins and some deliveries in the coming quarters.

由於他們正努力加快這些項目的建設速度，他們也在努力尋找能夠快速解決問題的簡單方案，所以我們對此感到興奮。我希望將來能多談論這個市場。我認為現在對我們來說還為時過早，但我希望在接下來的幾個季度裡，我們能夠談論一些勝利和一些交付成果。

Okay, great.

好的，太好了。

And then you mentioned that the semiconductor market and the orders there. I, I'm wondering for the data center, and market here, would you anticipate the order sizes being similar to those in the semiconductor market? And then I guess while we're on it, I wonder if you could just speak to the trend in, orders for semis. It sounds like, historically those order sizes have been increasing. Is that trend continuing, at this point?

然後您提到了半導體市場及其訂單情況。我想知道，就資料中心市場而言，您預期訂單規模會與半導體市場的訂單規模相似嗎？然後，既然說到這兒，我想請您談談半拖車訂單的趨勢。聽起來，從歷史數據來看，這些訂單規模一直在增加。目前來看，這種趨勢還在持續嗎？

Yeah, simple order of magnitude for with the semiconductor fab we offer anywhere from $2 million to $10 million of content. We've gotten orders within those ranges, to the low end and certainly to the high end. That's what's helped, I think, the financials, and the scale there on the data center side we have projects that are exactly in that same range and larger.

是的，對於我們提供的半導體製造廠來說，簡單的數量級就從 200 萬美元到 1000 萬美元不等。我們已經收到這些價位範圍內的訂單，既有低端的，也有高端的。我認為，財務狀況和資料中心方面的規模都起到了幫助作用，我們有規模相同甚至更大的專案。

I think that what we need to do is kinda crawl before we walk and walk before we run. We want to get to the point where we can deliver, we'll say first, systems into the construction of data center, and then I think the opportunity there is certainly possible for larger and larger order sizes. I don't know what those will be until we get them, but certainly, we hope to be able to talk about those in the future.

我認為我們應該先學會爬，再學會走，最後再學會跑。我們希望達到這樣的程度：首先，我們可以將系統交付到資料中心的建置中；然後，我認為更大的訂單規模肯定有機會實現。在拿到實體之前，我不知道它們具體是什麼，但我們當然希望將來能夠討論這些內容。

Got it. Okay. And then, just one more, follow-up on the military business. You mentioned that you had wanted a new contract with the US Navy for a new class of ship. I'm wondering, did that, show up in the backlog this quarter, or is that something you anticipate, in the future? And then just thinking through the magnitude of the potential impact you've been on one class of ship so far. If you're, seeing a new class of ship now, could you potentially double the ship protection business? Any sense for the magnitude of the impact here would be helpful.

知道了。好的。最後，再補充一點，關於軍事事務的後續問題。你提到你想與美國海軍簽訂一份建造新型艦艇的合約。我想知道，這件事是否已經在本季的積壓工作中出現了，還是您預計未來會出現？然後仔細想想，到目前為止，你對某一類艦艇產生的潛在影響有多巨大。如果你現在看到一種新型艦船，你是否有可能將艦船防護業務翻倍？如果能對此事件的影響程度有所了解，將會很有幫助。

So the contract that we won is for the design of a completely new class of product, not for protection.

因此，我們贏得的合約是關於設計一個全新的產品類別，而不是關於保護。

The order of magnitude of it is, greater than ship protection, but the time it will take to develop and deliver and test and qualify, that's not in the immediate future. We're at a step where we're looking to design, look to be able to understand what the value and the efficacy are there, and then get into the point where you do pre-production. Product and do all the things we've had to do on the protection side so I don't want to get people so excited that in the coming quarters you're going to see that driving a ramp in the military part of our business. What's going to drive the ramp in our military business is more powering ship systems. And powering the port and the construction of ships, that's what we see kind of in the very near term. So I don't, part of why I'm not, we don't put a press release out about this order and things because I don't want people asking, for an update every quarter, every year where we are. A lot of the technology that we're going to work on for the US military, will be at a level of clearance. We're not going to be able to talk about it, so we're wildly excited within inside the company on this win. It's been many years in the making. There's been a whole huge team that's been after it, that this has been a big part of their drive and desire to help diversify our offering for the US Navy, but we're really just at a design point. So we think we have the right idea. We think it's a long-term fit for the US Navy. But it will take time to go through, all the process steps to eventually get into something in production that delivers real revenue.

其數量級比船舶防護更大，但開發、交付、測試和認證所需的時間，在不久的將來還無法實現。我們現在處於設計階段，希望能夠了解其價值和功效，然後進入預生產階段。產品方面，我們做了很多防護方面的事情，所以我不想讓人們過於興奮，認為在接下來的幾個季度裡，我們會在軍事業務方面取得顯著進展。推動我們軍工產業發展的關鍵在於艦艇動力系統的進一步發展。而港口的電力供應和船舶的建造，就是我們在近期內所能看到的。所以，我不發布關於這項命令和其他事項的新聞稿，部分原因是，我不想讓人們每季、每年都問我們進展如何。我們將為美國軍方研發的許多技術，都將達到一定的安全等級。我們現在還不能談論這件事，所以公司內部對這場勝利感到無比興奮。這是多年努力的成果。有一個龐大的團隊一直在努力實現這個目標，這是他們幫助美國海軍實現產品多樣化的重要動力和願望，但我們目前真的還處於設計階段。所以我們認為我們的想法是對的。我們認為這對美國海軍來說是一個長期的合適選擇。但要完成所有流程步驟，最終才能投入生產並帶來真正的收入，這需要時間。

Okay, got it. I appreciate it thanks.

好的，明白了。非常感謝。

There are no more questions in the queue. This concludes our question-and-answer session. I would like to turn the conference back over to Daniel McGahn for any closing remarks.

隊列中已無問題。我們的問答環節到此結束。我謹將會議交還給丹尼爾·麥克加恩，請他作總結發言。

We're really excited in the company and I hope that comes through. I think every quarter as we go and be able to be able to put up great numbers again, just bolsters our confidence, the ability to deliver products to great customers, in just one year we've moved from break even to meaningful and consistent profitability. We're incredibly proud of that. We believe that's a strong indicator of how the business is scaling.

我們公司上下都感到非常興奮，我希望這種情緒能傳達出去。我認為，隨著每季我們都能取得優異的業績，這增強了我們的信心，也增強了我們為廣大客戶提供產品的能力。短短一年內，我們就從收支平衡實現了有意義且持續的獲利。我們為此感到無比自豪。我們認為這有力地顯示了企業的發展規模。

And how we're executing across our core markets, we're highly confident in our direction and look forward to building on this progress in the quarters ahead.

我們對我們在核心市場的執行情況非常有信心，我們對發展方向充滿信心，並期待在接下來的幾個季度在此基礎上取得更大進展。

The market is enabling extraordinary opportunities for us, and we hope to be able to talk to you about progress in future quarters on those as well.

市場為我們帶來了非凡的機遇，我們希望在未來的幾季也能與您探討這些機會的進展。

Thank you for your time and your patience with us, and we'll talk to you soon.

感謝您抽出時間並耐心等待，我們很快就會再聯繫。

The conference has now concluded.

會議已經結束。

Thank you for attending today's presentation. You may now disconnect.

感謝各位參加今天的報告會。您現在可以斷開連線了。